Ann: Rincon Lithium Project - EIA Approval Granted, page-343

Cannacord valued AGY at 80 cents in September 2023. However, this valuation was subsequently reduced to 35 cents in late-February 2024, and now it has been further reduced to 27 cents. What's intriguing is the 23% decrease in valuation (from just two months ago) despite the lithium carbonate price improving by over 20% during this period, coupled with the receipt of EIA approval. It's puzzling that their valuation would decrease given these positive developments on both the macroeconomic and company-specific fronts.

My guess is that Cannacord are the investment bank that have been engaged to shore up a funding deal, with their site visit to Rincon around six months ago suggesting close involvement. Consequently, they likely need to align their valuation with reality to avoid appearing imprudent, especially if negotiating a deal that values the project significantly lower.